ABB Ltd.'s U.S. unit and its retirement plan managers cost plan participants more than $35 million through breaches of fiduciary duty, a U.S. judge ruled.
ABB Inc. and managers of its Personal Retirement Investment and Savings Management (Prism) plans failed to control record-keeping fees and didn't pursue rebates, for which U.S. District Judge Nanette K. Laughrey in Kansas City, Missouri, found them liable for $13.4 million.
They lost $21.8 million more by approving the transfer of assets from a Vanguard Group Inc. fund to a Fidelity Investments fund, she said in her 81-page March 31 ruling.
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